It’s easy to put your finances on the back burner. After all, you’re doing all you can just keeping up with work and family commitments.
But when you’re not organised, things can quickly get out of control and the harder it can get to tackle that pile of papers or emails. It can feel like you have a mountain to climb just to catch up with the previous tax year, let alone plan for the next one.
So to avoid the last minute rush in 12 months’ time, start planning your finances when the new financial year arrives on 1 July.
Planning makes perfect
The key is careful planning.
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Get an overview of your finances.
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Set your goals – Start by writing down your ‘big picture’ long-term financial goals, like:
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paying off your debt.
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saving for a house deposit, home improvements or even a holiday.
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protecting your family in case anything goes wrong.
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saving for a comfortable retirement.
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Break it down – Set out the steps you need to reach your goals and what you’ll do differently this year.
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Make it achievable – Be realistic or you could be setting yourself up for failure. Look at areas you can cut back without compromising your standard of living, like takeaway meals.
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Make it automatic – Put in place regular transactions, like transferring money to a savings account as soon as your pay comes in.
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Set a deadline – Set realistic timeframes and review your goals regularly as your situation will change over time.
Financial plan
To get you started, here’s a handy checklist.
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TO DO: |
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Get organised |
Take control of your finances File your bills and statements when they arrive. Go paperless where possible. If you have an AMP account, you can access and explore your finances, simply and securely on the move with AMP’s mobile and iPad apps. |
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Check your employer is paying super Set regular online notifications with our app. |
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Consolidate your old super. You could be paying more than one set of fees. We can help you find and consolidate your super accounts. |
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Do your tax return on time Lodge your own return online or speak to your accountant. And make next year easier by filing your tax receipts. |
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Check your credit rating Make sure you don’t have any financial skeletons in your cupboard that could prevent you from accessing financial products. Contact a Credit Reporting Body. |
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Update your details Don’t miss out on important updates. Jump on to amp.com.au and follow the links. |
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Get on track! |
Start a budget Find out exactly where your money is going with AMP’s Budget Planner Calculator. |
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Stop the leaks Are you paying more than you need to for your health insurance, Internet or utility bills? Identify any areas where you might be leaking money and look for better deals. |
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Cut back on daily expenses Small things can really add up. Going without your daily latte could save you over $1,000 a year. |
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For a rainy day |
Set some money aside Things don’t always go to plan. Whether it’s repair work on the car, new gutters or a hefty electricity bill, you sometimes need extra cash—fast. Set up an emergency fund in case something unexpected happens. |
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Make sure your beneficiaries are up to date If something happens to you, it’s important your super and insurance benefits go to the right people. Please contact us on PH 07 55931215 . |
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Check that you’re fully insured How would your family pay the bills, cover home loan repayments and put food on the table if something happened to you? Check out AMP’s Life Insurance Calculator to see if you have enough insurance. |
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Update your will Ensure your will and estate plan is up to date. |
Get help
Make sure you use all the help at your disposal to achieve your goals.
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Crunch the numbers—Make smart choices about your finances with AMP’s easy-to-use tools and calculators.
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Tell your friends and family—Making a public commitment can help you stick to your plan. The more people you tell about your plans, the more likely you are to achieve your goals.
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Learn the basics and get advice— Please contact us.
And remember, don’t delay…start putting your plan into place today!